Ukraine Officially Opens Up to Crypto
Ukraine’s National Securities and Stock Market Commission is saddled with the responsibility of crafting policies on digital properties, issuance of operating licenses to crypto companies, as well as acting as a financial watcher.
President Volodymyr Zelenskyy of Ukraine has accented to a law designed to establish a legal ground for the war-troubled country to run an adequately regulated crypto market in the midst of its travails with Russia.
While announcing on Wednesday, the Ministry of Digital Transformation mentioned that President Zelenskyy signed the bill titled “On Virtual Assets,” which had been adopted first by the country’s parliament called the Verkhovna Rada, in the month of February. According to the provisions of the new bill, crypto companies and exchanges will now be asked to duly register their businesses with the government before they are allowed to legally operate in Ukraine, while banks will equally be permitted to open and run accounts and other portfolios for crypto companies.
Power-Sharing with a New Law
The law properly empowers the Ukraine National Security and Stock Market Commission to decide on what policies about digital assets the country should take up, it would be the issuing authority of operational licenses to interested businesses in the crypto sector, and it would be the watchdog for all operations in the industry.
The Ministry of Digital Transformation went ahead to add that the Ministry of Finance is in the process of amending the existing tax laws and other civil codes in its purview in order to make provisions for the incoming framework of the digital space in Ukraine.
The Ministry of Digital Transformation spokesman said that the signing of the new law by President Zelenskyy is a vital direction geared at bringing the country’s crypto industry out of obscurity, thereby launching a good market for the digital assets industry in Ukraine.
Cryptocurrencies have been a significant issue at the center stage as the country fights Russia after the latter invaded on the 24th of February. Many people from around the world have been donating to Ukraine’s war and humanitarian efforts through cryptocurrencies. While the cryptocurrencies poured in, the country’s central bank said there were not many cash withdrawals at banks in the country, it was able to fix the forex rate of the local currency, and it stopped issuing electronic money.
Just on Monday, the largest crypto exchange in Ukraine, Kuna, helped to open a donation site using Kuna and FTX with the Ministry of Digital Transformation, allowing users to send in different cryptocurrencies to aid their war effort.